interim report 2007 - serabi gold · interim report 2007 does include a higher ratio of stoping ore...

Interim Report 2007

SERABI MINING PLC

The Next Move

Explore

Develop

Produce

_0_SER_int07_square.indd 14 24/09/2007 17:06:07

Serabi Mining plc is a gold mining and exploration company currently focused on the Tapajos geological province of northern Brazil. The Tapajos region is a major, under-explored mineral province from which artisanal miners (“Garimpeiros”) are thought to have extracted some 30 million ounces of gold, mostly from alluvial and weathered bedrock deposits since the early 1970s.

Serabi’s goal is to become a low-cost, long-life, multi-mine producer, building on the experience gained at Palito as the guide for further mining developments.

The first phase of development is complete at Serabi and the foundations are in place for the Company to move forward to the next stage.STAGE 1 – COMPLETED• Mining – establish infrastructure and commercial production• Exploration – initial review of projects• Strategic – consolidated land title• Corporate – IPO

STAGE 2 – UNDERWAY• Optimise operations and initial production expansion• Expand detailed project evaluation at Jardim do Ouro leading

to resource expansion• Consider new opportunities

STAGE 3 – MEDIUM-TERM GOALS• Major production increase• Establish mineable resources outside Jardim do Ouro• Construction of new operations• Develop new opportunities

The Next Move


1Serabi Mining plcInterim Report 2007

HIGHLIGHTS

• Completion of £12.5 million placing provides strengthened foundation for resource and production growth

• Exploration success points to wider potential and basis for short-term production expansion

• First half production of 18,718 ounces gold equivalent represents a 6% year-on-year improvement

• Mining volumes and plant throughput are at record levels

• Further improvements to mining and mill productivity are anticipated during the remainder of 2007

• Changes to mining methods introduced with noticeable benefits anticipated during the remainder of the year

• Management changes reflect the Company’s changing status to a producer with significant exploration opportunities

• Operating profits being generated by the Palito Mine – EBITDA for the six months of US$1.1 million (2006 calendar year loss of $0.8 million)

1 Highlights

2 Report of the Chairman and Chief Executive

6 Consolidated Income Statement

7 Consolidated Balance Sheet

8 Consolidated Statement of Changes in Shareholders’ Equity

9 Consolidated Cash Flow Statement

10 Notes to the Interim Financial Statements

IBC Shareholder Information

CONTENTS


2 Serabi Mining plcInterim Report 2007

REPORT OF THE CHAIRMAN AND CHIEF EXECUTIVE

Having achieved commercial production at the Palito gold mine last October, the first half of 2007 has brought with it a number of important successes that highlight the Company’s future potential and at the same time a number of new challenges. Taken together, Serabi has established a strong platform and is now ready to move forward to the next stage, which is intended to position the Company for significant growth.

EXPLORATION AND DEVELOPMENTWithout doubt the exploration success we have previously reported at Jardim do Ouro over the Ruari’s Ridge, Chico da Santa and Palito West prospects, is one of the highlights of the period and provides tangible evidence of the wider potential of the Jardim do Ouro district. We are confident that as we step further away from the Palito Main Zone, we will continue to discover new prospects of similar character which can serve as satellite mining operations for a central plant and a basis for resource and production growth.

With this objective in mind, we successfully completed the placing of new ordinary shares in July to raise gross proceeds of US$25 million. Combined with cash flow from current operations, the funds will in part allow us to evaluate in detail the Ruari’s Ridge, Palito West and Chico da Santa prospects. We would anticipate, that a successful evaluation will enable Serabi to introduce production from these prospects into our planning for 2008, leading to an annualised production rate of some 60,000 ounces gold equivalent during the year.

The exploration success at Jardim do Ouro provides tangible evidence of the wider potential of the district.

”SUMMARY OF BUSINESS REVIEW

New prospects can serve as satellite operations for a central plant

5,000 hectare Heli-EM survey to be undertaken in Q4

Orders placed for key equipment for Ruari’s Ridge, Chico da Santa and Palito West

Mining methods adapted to reduce unplanned dilution

Plant upgrades expected to improve recovery by at least 2%



At the same time we are significantly stepping up our exploration programme across the wider Jardim do Ouro district and Tapajos region, in order to identify and evaluate the extent of other targets that we believe exist in this area. Following from the success of ground electromagnetic surveys (“EM”) in identifying mineralised areas at Chico da Santa and Palito South areas, the first stage of this programme will be to carry out in October a helicopter-borne EM survey covering over 5,000 hectares of the Jardim do Ouro area. The characteristics of Palito mineralisation are such that the EM survey highlights potential ‘hotspots’. Combined with information obtained from other exploration work, the results are expected rapidly to produce a number of targets for drilling. We are confident that such an approach should have a high rate of success in locating the sulphide mineralisation which is associated with the gold occurrences at Jardim do Ouro.

Meanwhile, evaluation work continues apace at the Ruari’s Ridge, Palito West and Chico da Santa prospects. We are very encouraged in particular by the strike extension that has recently been identified on the Palito West prospect, together with the high-grade intersections that the detailed drilling programme is producing. Additionally, we note that some of the mineralised structures of the Chico da Santa prospect are located closer to the Palito Main Zone mining operation than had been previously thought. If this is substantiated by further drilling, then it is likely that we will be able to access the Chico da Santa ore veins for production by the rapid development of a cross-cut drive from the existing Palito mine, thus avoiding the need for a more costly decline access solely for the exploitation of this area.

OPERATIONSIn recent months underground mining has been adapted to a ‘cut-and-fill’ method. Whilst production results for the first half of the year exceeded those for the same period last year, it has been disappointing that the long-hole stope mining method introduced at the end of 2006 has not yielded the productivity improvements that were anticipated. We have not abandoned this method and continue to look at solutions that will allow us to deliver the ore quantities at the desired feed grade to the plant using this technique. In the meantime, ‘cut-and-fill’ enables more selective ore extraction and reduces the unplanned dilution that occurred with long-hole mining. The economic benefit of the higher stoping grade that can be achieved by the more precise cut-and-fill technique, substantially offsets this slower and slightly more costly option.

In anticipation of the need for equipment for the development of Ruari’s Ridge, Palito West and Chico da Santa, and the lead times involved, orders have recently been placed for key additional underground equipment. This includes the introduction of narrow scooptrams, which we expect will result in a significant improvement of the feed grade achieved from development drives by reducing the levels of dilution by waste rock still further. The plant is, as a consequence of lower dilution, able to produce the same level of gold whilst treating less ore and in so doing free up plant capacity and reduce plant operating costs. Current lead times for delivery indicate that this equipment should be on site towards the end of 2007 with the resultant benefits becoming evident early in 2008. In the meantime the mine plan for the last quarter of 2007

Palito – operating results (1)

2007 Q1 2007 Q2 2007 H1 2006 H1

Mined t 55,251 61,567 116,818 65,610 Per day 614 677 645 362Milled t 42,705 45,245 87,950 53,365 Per day 475 497 486 306Head-grade g/t 6.5 6.0 6.2 9.5Recovery % 89.6 91.1 90.5 91.6Gold oz 8,044 7,888 15,932 15,544Copper t 125.6 127.0 252.6 205.1Gold equivalent (2) oz 9,301 9,417 18,718 17,742(1) Provisional (2) Includes copper and silver



does include a higher ratio of stoping ore to development than we have seen to date and at this stage we project full year production to show a small increase on 2006 levels.

The plant continues to function well with recoveries in excess of 90%. In anticipation of changes required to meet the increased level of production in 2008, we are considering the installation of additional CIP capacity. At current production levels, studies indicate that this would increase total recovery by at least 2%, generating a capital pay-back within six months.

FINANCEIn reviewing the financial statements for the period it is necessary to bear in mind that the comparative full year 2006 figures comprise Revenue, Operating expenses and Depreciation of the mine asset for a three-month (fourth quarter) period whilst the remaining expenses are for the full twelve-month period. This reflects the commencement of Commercial Production at the end of September 2006 and the concurrent cessation of the policy of capitalisation of costs and revenues associated with the mining operations up to that date. This principal has been discussed in more detail in the 2006 Annual Report.

The Company is generating operating profits from the Palito mine, with EBITDA for the six months of US$1.1 million, against a loss for the 2006 calendar year of US$0.8 million. Higher unit costs than the preceding period are related to the already reported lower production,

rather than an escalating cost base. As is expanded on below, at a head-line level we believe the financial results for the first six months of 2007 do not reflect the long-term outlook or the continuing efficiency drives that are being implemented.

Operating cash costs for Q4 2006 before accounting for copper and silver credits were BrR$10.1 million compared with an average quarterly cost in the first half of 2007 of BrR$10.2 million. Notwithstanding the obvious effect of lower gold production resulting from reported lower feed grades, two other factors have also influenced our current unit costs of production. In line with industry standards costs per ounce are calculated after deducting by-product credits from the base operating costs. In Q4 2006 we produced 224.6 tonnes of copper and generated a by-product credit of $1.75 million. For the first half of 2007 copper credits were $1.7 million, based on production of 252.6 tonnes. Secondly, the continued appreciation of the Brazilian Real has increased our US$ denominated costs by 6.3% against Q4 2006.

In the short term, plans to increase feed grades are expected to deliver direct bottom line improvements. If we are able to maintain current ore volumes at higher grades there will be minimal effect on the cost base, which is primarily linked to volumes processed and not grade. Our reported Q4 2006 cost per ounce gold equivalent was US$252. On a like-for-like basis (exchange and by-product credits) the figure would have been $344 per ounce gold equivalent. Given that our production for the first six months was below plan and averaged 80%

REPORT OF THE CHAIRMAN AND CHIEF EXECUTIVE CONTINUED

We expect the introduction of narrow scooptrams will result in significant improvement of feed grade achieved from development drives.

”



of the Q4 2006 levels the cash cost of $442 per ounce whilst disappointing does not reflect a long-term trend and we expect to see direct improvement with better grade and thus production. The average cash costs over the six month period were significantly influenced by low gold production in the first two months of the year and since March we have seen improvements with cash costs averaging $370 per ounce over the last four months. The short-fall in production in the early part of the year also placed short-term pressure on cash flow during this six month period and required the Company to enter into some short-term arrangements in Brazil with a consequent impact on interest charges in the period. These arrangements have been eliminated and we would expect a significant reduction in this cost in the second half of the year.

The potential to develop new areas within Chico da Santa, Palito West and Ruari’s Ridge will increase flexibility further and generate economies of scale as mined volumes increase through 2008. In the meantime we are, given current prices and our balance sheet strength, in a strong financial position to achieve our medium-term objectives.

PERSONNEL Finally, shareholders were recently made aware of significant management changes that took place at the end of August. We would like to reiterate our gratitude to Bill Clough and Sergio Aquino, the co-founders of the Company, for their efforts and commitment in bringing Serabi to where it is today. As Serabi enters the next stage in its development, we are pleased that both Bill and Sergio will remain closely involved with Serabi as both shareholders and executives. This continued contribution is highly valued and we take this opportunity to express sincere thanks to them both.

Mike Hodgson, our new Chief Executive, and Wanderlan Almeida, our new Managing Director of Serabi Mineraçao, are two individuals with almost 50 years of operational experience between them, which bodes well for Serabi being able to meet its production growth plans.

GRAHAM ROBERTS MIKE HODGSONCHAIRMAN CHIEF EXECUTIVE19 September 2007



CONSOLIDATED INCOME STATEMENT

For the For the six months six months For the ended ended year ended 30 June 30 June 31 December 2007 2006 2006 (expressed in US$) (unaudited) (unaudited) (audited)

Revenue 13,023,940 — 7,256,136 Operating expenses (10,268,037) — (4,846,122)

Profit from operations 2,755,903 — 2,410,014Administration expenses (1,552,718) (1,320,150) (2,860,522)Share-based payments (73,831) (331,338) (331,338)Depreciation of plant and equipment (781,733) (572,364) (1,426,004)Depreciation of mine asset (344,678) — (232,097)

Profit/(loss) on ordinary activities before interest and other income 2,943 (2,223,852) (2,439,947)Foreign exchange gain 145,932 582,390 449,857Interest payable (518,798) (116,992) (339,328)Interest receivable 76,201 48,531 120,649

Loss on ordinary activities before taxation (293,722) (1,709,923) (2,208,769)Taxation (203,800) — —

Loss on ordinary activities after taxation (497,522) (1,709,923) (2,208,769)

Loss per ordinary share (basic and diluted) (0.45c) (1.61c) (2.04c)



CONSOLIDATED BALANCE SHEET

As at As at 30 June As at 30 June 2006 31 December 2007 (unaudited 2006 (expressed in US$) Notes (unaudited) and restated) (audited)

Non-current assetsGoodwill 1,752,516 1,752,516 1,752,516Development and deferred exploration costs 3 9,666,538 17,934,350 6,454,074Property, plant and equipment 4 24,059,435 7,036,927 22,203,706

Total non-current assets 35,478,489 26,723,793 30,410,296

Current assetsInventories 5 2,404,669 3,125,030 2,441,783Trade and other receivables 1,448,417 106,510 1,128,830Prepayments and accrued income 1,653,412 1,693,165 1,521,347Cash at bank and in hand 1,050,644 3,973,212 3,856,878

Total current assets 6,557,142 9,852,498 8,948,838

Current liabilitiesTrade and other payables 3,872,369 3,125,030 4,053,744Accruals 671,404 106,510 176,252Interest bearing liabilities 661,765 94,714 582,491

Total current liabilities 5,205,538 3,326,254 4,812,487

Net current assets 1,351,604 6,526,244 4,136,351

Total assets less current liabilities 36,830,093 33,250,037 34,546,647

Non-current liabilitiesTrade and other payables 124,794 142,441 180,314Provisions for liabilities and charges 710,206 448,121 799,749Interest bearing liabilities 269,079 68,405 368,778

Total non-current liabilities 1,104,079 658,967 1,348,841

Net assets 35,726,014 32,591,070 33,197,806

EquityCalled up share capital 7 19,401,597 19,170,496 19,338,351Share premium reserve 15,383,298 15,045,251 15,351,674Option reserve 2,800,205 3,381,121 2,818,722Translation reserve 3,222,686 (693,795) 382,502Profit and loss account (5,081,772) (4,312,003) (4,693,443)

Equity shareholders’ funds 35,726,014 32,591,070 33,197,806

The interim financial information has not been audited and does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The Group statutory accounts for the year ended 31 December 2006, prepared under IFRS as adopted in the EU, have been filed with the Registrar of Companies. The auditors’ report on these accounts was unqualified and did not contain a statement under Section 237 (2) or 237 (3) of the Companies Act 1985.



(expressed in US$) Share Share Share option Translation Profit and (unaudited) capital premium reserve reserve loss account Total equity

Equity shareholders’ funds at 1 January 2006 (restated) 17,974,336 11,818,128 2,690,052 (1,273,264) (2,602,080) 28,607,172Foreign currency adjustments — — — 579,469 — 579,469Loss for the period — — — — (1,709,923) (1,709,923)

Total recognised loss for the period — — — 579,469 (1,709,923) (1,130,454)Share option expense — — 246,076 — — 246,076Accrual for share issue — — 444,993 — — 444,993Issue of ordinary shares 1,134,055 3,402,165 — — — 4,536,220Share issue expenses — (254,022) — — — (254,022)Conversion of options 62,105 78,980 — — — 141,085

Equity shareholders’ funds at 30 June 2006 (restated) 19,170,496 15,045,251 3,381,121 (693,795) (4,312,003) 32,591,070Foreign currency adjustments — — — 1,076,297 — 1,076,297Loss for the period — — — — (498,846) (498,846)

Total recognised profit for the period — — — 1,076,297 (498,846) 577,451Issue of ordinary shares 148,331 296,662 (444,993) — — —Conversion of options 19,524 9,761 (117,406) — 117,406 29,285

Equity shareholders’ funds at 31 December 2006 19,338,351 15,351,674 2,818,722 382,502 (4,693,443) 33,197,806Foreign currency adjustments — — — 2,840,184 — 2,840,184Loss for the period — — — — (497,522) (497,522)

Total recognised profit for the period — — — 2,840,184 (497,522) 2,342,662Share option expense — — 90,676 — — 90,676Conversion of options 63,246 31,624 (109,193) — 109,193 94,870

Equity shareholders’ funds at 30 June 2007 19,401,597 15,383,298 2,800,205 3,222,686 (5,081,772) 35,726,014

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY



For the For the six months six months For the ended ended year ended 30 June 30 June 31 December 2007 2006 2006 (expressed in US$) Note (unaudited) (unaudited) (audited)

Cash flows from operating activities Operating profit/(loss) 2,943 (2,223,852) (2,439,947)Depreciation – plant, equipment and mining properties 1,126,411 572,364 1,658,101Option costs 73,831 142,443 142,443Share-based payments — 188,895 188,895Interest paid (518,798) (116,992) (339,328)Foreign exchange (199,216) 1,977,704 (281,231)Changes in working capital Decrease/(increase) in inventories 284,674 (753,002) (443,136) (Increase)/decrease in receivables, prepayments and accrued income (119,824) (518,212) 399,765 (Decrease)/increase in payables, accruals and provisions (259,780) 770,837 1,314,609

Net cash flow from operations 390,241 40,185 200,171

Investing activities Proceeds of sale of property, plant and equipment — — 114,681Purchase of property, plant and equipment (673,779) (1,564,509) (2,826,077)Exploration and development expenditure (1) (2,410,359) (1,378,186) (373,568)Interest received 76,201 48,531 120,649

Net cash outflow on investing activities (3,007,937) (2,894,164) (2,964,315)

Financing activities Issue of ordinary share capital — 4,536,220 4,536,220Capital element of finance lease payments (322,452) — (327,406)Conversion of options 94,870 141,085 170,370Payment of share issue costs — (254,022) (254,022)

Net cash (outflow)/inflow from financing activities (227,582) 4,423,283 4,125,162

Net (decrease)/increase in cash and cash equivalents (2,845,278) 1,569,304 1,361,018Cash and cash equivalents at beginning of period 3,791,202 2,152,452 2,152,452Exchange difference on cash 56,398 251,456 277,732

Cash and cash equivalents at end of period 6 1,002,322 3,973,212 3,791,202(1) Exploration and development expenditure of the Group for 2006 is stated net of pre-operating income of US$2,839,018 ($1,990,800 to 30 June 2006).

CONSOLIDATED CASH FLOW STATEMENT



1. BASIS OF PREPARATIONThese interim accounts are for the six month period ended 30 June 2007. Comparative information has been provided for the unaudited six month period to 30 June 2006 and the audited twelve month period from 1 January to 31 December 2006.

The accounts for the period have been prepared in accordance with the policies which the Group will adopt for its annual accounts, notably:

(i) the financial statements are presented in US Dollars. They are prepared on the historical cost basis or the fair value basis where the fair valuing of relevant assets and liabilities has been applied. The financial statements whilst not statutory accounts have been prepared otherwise in accordance with International Financial Reporting Standards and their interpretations issued by the Accounting Standards Board and adopted for use within the European Union (IFRS);

(ii) all costs related to the exploration of mineral properties are capitalised and deferred until either the properties are demonstrated to be commercially feasible or until the properties are sold, allowed to lapse or abandoned, at which time any capitalised costs are written off to the income statement. All costs incurred prior to obtaining the legal right to undertake exploration and evaluation activities on a project are written off as incurred.

Exploration and evaluation costs arising following the acquisition of an exploration licence are capitalised on a project by project basis, pending determination of the technical feasibility and commercial viability of the project. Costs incurred include appropriate technical and administrative overheads, but not general overheads. Deferred exploration costs are carried at historical cost less any impairment losses recognised.

Property, plant and equipment used in the Group’s exploration activities are separately reported;

(iii) inventories are valued at the lower of cost and net realisable value;

(iv) property, plant and equipment is depreciated over its useful life;

(v) the Group commenced commercial production at the Palito mine effective 1 October 2006. Prior to this date all revenues and operating costs were capitalised as part of the development costs of the mine. Effective from 1 October 2006 the accumulated development costs of the mine were re-classified as Mining Property costs and such cost is being amortised over the anticipated life of the mine on a unit of production basis;

(vi) revenues are recognised only at the time of sale. Any unsold production and in particular concentrate is held as inventory and valued at production cost until sold.

2. TAXATIONTaxation represents a provision for corporate taxes due on taxable profits arising in Brazil. No deferred tax asset arising from carried forward losses incurred outside of Brazil has been recognised in the financial statements because of uncertainty as to the time period over which this asset may be recovered.

3. EXPLORATION AND DEVELOPMENT COSTS 30 June 31 December 2007 2006 (unaudited) (audited)

Balance at beginning of period 6,454,074 17,420,146Additions (1) 2,427,204 733,298Foreign exchange 785,260 1,423,809Transfer to property, plant and equipment (mining property) — (13,123,179)

Balance at end of period 9,666,538 6,454,074(1) Exploration and development expenditure of the Group for 2006 is stated net of pre-operating income of US$2,839,018 ($1,990,800 to 30 June 2006).

NOTES TO THE INTERIM FINANCIAL STATEMENTS



4. PROPERTY, PLANT AND EQUIPMENT 30 June 31 December 2007 2006 (unaudited) (audited)

Cost Balance at beginning of period 24,685,071 6,531,584Additions 896,750 4,539,076Transfer from intangible assets — 13,123,179Foreign exchange 2,397,024 642,612Disposals — (151,380)

Balance at end of period 27,978,845 24,685,071

Depreciation Balance at beginning of period (2,481,365) (768,351)Charge for period (1,126,411) 1,658,101Foreign exchange (311,634) (91,611)Eliminated on sale of asset — 36,698

Balance at end of period (3,919,410) (2,481,365)

Net book value 24,059,435 22,203,706

5. INVENTORIES 30 June 30 June 31 December 2007 2006 2006 (unaudited) (unaudited) (audited)

Bullion and work in progress 693,023 1,029,596 918,269Consumables 1,711,646 1,725,295 1,523,514

2,404,669 2,754,891 2,441,783

6. CASH AND CASH EQUIVALENTS 30 June 30 June 31 December 2007 2006 2006 (unaudited) (unaudited) (audited)

Cash at bank 1,050,644 3,973,212 3,856,878Overdrafts (48,322) — (65,676)

1,002,322 3,973,212 3,791,202



7. SHARE CAPITAL 30 June 30 June 31 December 31 December 2007 2007 2006 2006 (unaudited) (unaudited) (audited) (audited) Called up capital Number $ Number $

Balance at beginning of period 110,751,608 19,338,351 102,991,636 17,974,336Issue of shares — — 6,500,000 1,134,055Bonus share award — — 816,666 148,331Conversion of employee share options 317,689 63,246 443,306 81,629

Balance at end of period 111,069,297 19,401,597 110,751,608 19,338,351

On 11 July 2007, the Company issued 29,069,768 new ordinary shares pursuant to a placing at a price of 43 pence per share, which raised gross proceeds of approximately US$25 million (UK£12.5 million).

8. TRANSITION TO IFRSThe Company adopted the provisions of IFRS in preparing its financial statements for the year ended 31 December 2006. The effect on the Group’s Financial Statements of the transition to IFRS was explained in the Transition Document published on 13 March 2007. For the purposes of comparison the financial statements of the Group as at 30 June 2006 have been restated in accordance with IFRS as follows;

Effect of UK GAAP transition to IFRS IFRS (unaudited) (unaudited) (unaudited)

Non-current assets 25,690,074 1,033,719 26,723,793Current assets 9,852,498 — 9,852,498Current liabilities (3,326,254) — (3,326,254)Non-current liabilities (658,967) — (658,967)

Net assets 31,557,351 1,033,719 32,591,070

Equity shareholders’ funds 31,557,351 1,033,719 32,591,070

The adjustment between UK GAAP and IFRS represents the need to vary the Group’s previous UK GAAP compliant policy on translation of non-monetary assets denominated in foreign currencies to comply with IFRS.

NOTES TO THE INTERIM FINANCIAL STATEMENTS CONTINUED


COMPANYSerabi Mining plcUK Office Cleary Court, 21–23 St Swithins Lane London EC4N 8AD Tel: +44 (0)20 7220 9550 Fax: +44 (0)20 7220 9555

REGISTERED OFFICE66 Lincoln’s Inn Fields London WC2A 3LH

Serabi Mineraçao LtdaAv Antonio de Pádua Gomes, no. 737 Jardim das Araras, Cidade Itaituba CEP 8180-120 Pará Brazil Tel: +55 93 3518 1558 Fax: +55 93 3518 1550

Email: [email protected] Web: www.serabimining.com

COMPANY NUMBER5131528

BOARD OF DIRECTORSGraham Roberts – Executive Chairman Mike Hodgson – Chief Executive Bill Clough – Director, Business Development Clive Line – Finance Director Roger Davey – Non-executive Director Richard Robinson – Non-executive Director

COMPANY SECRETARYClive Line

NOMINATED ADVISERNumis Securities LtdThe London Stock Exchange Building 10 Paternoster Square London EC4M 7LT

AUDITORSPKF (UK) LLP20 Farringdon Road London EC1M 3AP

SOLICITORSFarrer & Co66 Lincoln’s Inn Fields London WC2A 3LH

REGISTRARSComputershare Investor Services PLCPO Box 82, The Pavilions Bridgwater Road Bristol BS99 7NH

SHAREHOLDER INFORMATION


SERABI MINING PLCCleary Court21–23 St Swithins Lane London EC4N 8AD

Tel: +44 (0)20 7220 9550Fax: +44 (0)20 7220 9555Email: [email protected]: www.serabimining.com


interim report 2007 - serabi gold · interim report 2007 does include a higher ratio of stoping ore...

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